crunch the numbers
Now that you, or a loved one, are ready to make the move to a retirement community, it's time to talk numbers—and we're here to help.
Living at a Leisure Care community is like being on a permanent vacation, but without the cost and maintenance of owning your own home. With most things included in your monthly rent (housekeeping, maintenance, transportation, meals, and entertainment), you’ll find senior housing is much more comparable—and fun—than you may have originally thought.
Whatever your current financial situation, there are various paths to take and ways to help fund your move to senior housing.
The Traditional Route
Additional Income in the form of interest, capital gains or dividends can be generated by money in savings and investments, and can be used to pay for living expenses. Personal loans can also help with funding. Many of these options can be used as a line of credit that can be tapped into to help pay for the various fees associated with senior living.
Working with Real Estate Assets
Though it may not feel like it, real estate, such as the sale of a home is a great source of equity when trying to fund a move to senior housing. For those not ready to sell their homes quite yet, a home equity loan could be a good option. These loans come in many different forms but generally allow homeowners to tap into the equity on their home and use it as collateral.
A life settlement is a transaction in which a person sells the ownership of a life insurance policy for cash. Though not well known, this can be a good source of funds for those who qualify. These settlements can be done directly with an insurance company or through a third party. Long term care insurance is an option for paying for assisted living services as generally this type of care is not covered by health insurance, Medicare or Medicaid. Premiums are typically based on the age of the insured and can vary.
Government benefits also offer solutions to those in need of some additional funding for senior housing. For those who qualify, the VA Aid and Attendance Benefit will pay various amounts to veterans and their surviving spouses. Medicare coverage is generally provided for those in need of round-the-clock skilled nursing care or hospice care. And for those individuals who have exhausted their resources, Medicaid can be used for approved nursing home housing and even assisted living services (though these programs are limited).